OKB Price Analysis: OKB Coin sailing in troubled waters

•OKB/USD is currently priced at $16.20 and has increased by 0.28% over the past day

•The technical indicators suggest a bearish outlook for the near term 

•The trading volumes have decreased by 43.67% over the past day 

Short Term View: Bullish steam put out as OKB bears run rampant

The OKB price today is $16.20 USD with a 24-hour trading volume of $8,635,824 USD. OKB is up 0.28% in the last 24 hours. The trading volumes have decreased over the past day amid a shortage of demand for the coin in the market whereas the Volume to Market Cap Ratio for the altcoin stands at 0.008885.

The past few days have taken a heavy toll on OKB Coin as it searches for support from the bulls. The downside is depicted by the OKB Coin trading below the 20,50 SMA on the four hour chart. The support for the altcoin resides at $15 if the bears are able to put their foot down the pedal firmly and drive home their dominance. On the flip side, the nearest resistance for the altcoin is placed at $18 in the event of the bulls staging a comeback. The asset is currently on a downward trail and the technical indicators suggest that the asset looks primed for a continuation of the downtrend. 

Long Term View for OKB

The RSI indicator for OKB Coin is currently trading at 38.06, which shows a drastic decline in the slope below the central line and the 14-day SMA line in the daily chart over the past few days. The indicator gives a sell signal as the slope approaches the oversold zone. The MACD indicator shows a bearish trend at play as the MACD line has ventured into the negative territory and the signal line is about to follow suit as well. Moreover, the bearish histograms are on the rise, signaling a selling opportunity.

Conclusion 

The increased bearish trend momentum in OKB coin price has been obsessed with a rise in selling pressure. The technical indicators give a sell signal for the OKB and forecast a bearish breakout of the wedge.

Support: $15-$12

Resistance: $18-$20

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.